ServiceNow (NYSE:NOW) Trading 1.4% Higher – Here’s Why

ServiceNow, Inc. (NYSE:NOW)’s share price traded up 1.4% on Thursday . The company traded as high as $1,027.31 and last traded at $1,027.41. 135,891 shares traded hands during mid-day trading, a decline of 91% from the average session volume of 1,487,417 shares. The stock had previously closed at $1,012.74.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Citigroup raised their price objective on shares of ServiceNow from $1,128.00 to $1,160.00 and gave the company a “buy” rating in a research note on Wednesday, May 7th. TD Securities reiterated a “buy” rating and issued a $1,100.00 target price on shares of ServiceNow in a research note on Thursday, April 24th. William Blair reiterated an “outperform” rating on shares of ServiceNow in a research note on Friday, March 7th. Mizuho reduced their price objective on shares of ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating for the company in a research note on Tuesday, March 11th. Finally, UBS Group reiterated a “buy” rating and set a $1,025.00 target price (up from $900.00) on shares of ServiceNow in a research report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, thirty have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $1,062.50.

ServiceNow Trading Up 1.3%

The company has a fifty day moving average of $919.44 and a two-hundred day moving average of $974.97. The stock has a market capitalization of $213.34 billion, a price-to-earnings ratio of 150.91, a P/E/G ratio of 4.51 and a beta of 0.95. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, beating analysts’ consensus estimates of $3.78 by $0.26. The business had revenue of $3.09 billion during the quarter, compared to analysts’ expectations of $3.09 billion. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The business’s revenue for the quarter was up 18.6% on a year-over-year basis. During the same quarter last year, the business posted $3.41 earnings per share. On average, research analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

Insider Activity

In other news, General Counsel Russell S. Elmer sold 62 shares of the company’s stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $1,023.00, for a total value of $63,426.00. Following the completion of the sale, the general counsel now owns 4,332 shares in the company, valued at $4,431,636. This represents a 1.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the company’s stock in a transaction on Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total value of $1,194,420.00. Following the completion of the sale, the insider now owns 3,000 shares of the company’s stock, valued at approximately $3,060,000. This trade represents a 28.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 6,716 shares of company stock valued at $6,611,245 in the last three months. Corporate insiders own 0.38% of the company’s stock.

Institutional Investors Weigh In On ServiceNow

Several hedge funds have recently modified their holdings of the stock. Bogart Wealth LLC increased its position in ServiceNow by 113.3% in the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider’s stock worth $25,000 after purchasing an additional 17 shares during the last quarter. Graybill Wealth Management LTD. acquired a new stake in ServiceNow in the 1st quarter valued at approximately $26,000. Quarry LP acquired a new stake in ServiceNow in the 4th quarter valued at approximately $27,000. Atala Financial Inc acquired a new stake in ServiceNow in the 4th quarter valued at approximately $28,000. Finally, WASHINGTON TRUST Co grew its holdings in ServiceNow by 620.0% in the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider’s stock valued at $29,000 after buying an additional 31 shares during the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

About ServiceNow

ServiceNow, Inc provides end to-end intelligent workflow automation platform solutions for digital businesses in the North America, Europe, the Middle East and Africa, Asia Pacific, and internationally. The company operates the Now platform for end-to-end digital transformation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, and collaboration and development tools.